home prices: Should We Wait To Buy a Home?
- 08/29/22 08:30 AM
“Mr. Petrowsky,
We are getting a little freaked out with all the housing news lately. Some of it sounds like values are going to drop, some are saying that the drop will be pretty serious. Should we stop looking a wait a year a two and just bite the bullet and keep renting?”
More prospective home buyers are having similar thoughts. Can anyone blame them? Much of the news in newspapers, radio and TV make it sound like the real estate market is going to crash any minute.
Is the real estate market going to continue being as crazy as it has … (2 comments)
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home prices: “Appraisers Concerned about Rising Home Prices”
- 07/26/13 02:12 AM
“Appraisers Concerned about Rising Home Prices”
Over the years I have gotten friendly with a number of appraisers. I have had conversations with two of them this week and both mentioned, they are having difficulty getting appraisals to work on some recent purchases, especially when it is a bidding situation. I’m sure this is the case for appraisers around the country, not just the two that I had spoken with.
We recently had this happen on a mortgage I was doing for a client. The original listing price was $224,900. There were multiple offers and my client got … (20 comments)
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home prices: How Much do Economist & Similar Prognosticators Know About Real Estate
- 12/27/12 09:56 PM
“Economist and Similar Prognosticators Don’t Know Much About Selling or Owning Real Estate"
It looks like the national increase in real estate values is around 6%. How much of an effect will the elimination or partial elimination of our current interest deduction have on real estate values going forward?
A couple of months ago, I was doing a refinance for a couple. I was reducing their remaining 26 year mortgage into a 15 year mortgage. The topic of interest deduction came up and the wife made the following statement. “If the interest deduction goes away, out home … (48 comments)
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home prices: Home Prices Not Improving Affordability
- 10/18/12 04:14 AM
“Home Prices Not Improving Affordability?”
Doing mortgages in 8 states, CT, MA, RI, VT, NH, ME, NY and FL, gives me firsthand information about this topic.
The article below, speaks to falling prices are not improving affordability. These studies are like the polls that are being done on the upcoming Presidential election. They all depend on who you are asking what questions.
Between home prices and interest rate, almost everyone that can buy a home, can do so. The bigger issues for potential home buyers have to do with credit … (5 comments)
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home prices: Over 50% of Homeowners Overestimate the Value of their Homes
- 10/07/12 10:46 PM
“Over 50% of Homeowners Overestimate the Value of their Homes”
I feel like the bearer of bad news so often, when it comes to value. So many homeowners feel their home is worth more, when we are doing a refinance and in some cases a purchase.
I prep every client about the appraisal process and the possibility the value will come in below expectation. I let them know, that once we get an appraisal, we will immediately get them a copy for them to review. I share the process if a decision is made to challenge the value. … (10 comments)
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home prices: How Long Will it Take for Home Values to Come Back?”
- 09/30/12 11:02 PM
“How Long Will it Take for Home Values to Come Back?”
I love reading about all the prognosticators telling us where values are going to be in the future, like they know. It is going to take as long as it takes, no matter what anyone’s opinion might be.
I have seen real estate values go up and down for many years. So let me share the following story, which will give you a look at what can happen.
In the mid 80’s I purchased a 68 unit apartment complex, all town house units and converted them to … (9 comments)
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home prices: BUYING A HOME, A REALLY SMART INVESTMENT
- 08/19/12 10:17 PM
“Buying a Home, a Really Smart Investment”
Last year Brenda and Gerry bought a home in Coventry, Ct. The home needed work, so we did a 203k loan for them. The purchase price was $98,000 and there was $30,000 in renovations.
Gerry is being transferred by his company to NY State, so financially this was a move that was great for them. They put their home on the market at $169,900 and it went on deposit within 2 weeks. They will net about $20,000. Not a bad investment.
I referred them to a Realtor in NY and they are … (4 comments)
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home prices: NEWS FLASH, FANNIE/FREDDIE SAY HOME PRICES MOVING UP
- 07/02/12 10:31 PM
“News Flash, Fannie/Freddie Say Home Prices Moving up”
I’m not sure there is a Realtor in this country who hasn’t been saying the same thing for months. At the same time appraisals continue to be a problem. The AMC’s and their appraiser networks were certainly quick to downgrade values by saying that most markets have declining values, but how many are adjusting values upward because purchase prices are increasing and they are using old comps? The answer, very few if any.
It is the same as the price of gas, it sure does move up in a hurry, but it sure doesn’t come … (3 comments)
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home prices: SUPPORT LOCAL BUSINESSES
- 06/07/12 08:43 PM
“Support Local Businesses”
I am a strong advocate of “Buy American”. I know this is pretty hard with certain products and almost impossible with others.
I buy shirts from a boutique store that only carries American made shirts and almost everything in the store is American made. I pay more than I would in other so called mainstream stories, but I see it as my responsibility.
I am constantly promoting and referring businesses with the same philosophy and they continue to refer me and my business as a result.
The same thing holds true for buying … (7 comments)
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home prices: GET USED TO HOME VALUE INCREASES
- 05/15/12 02:30 AM
“Get Used to Home Value Increases”
Last week, two of my clients were involved with bidding on homes, where there were multiple offers. One was successful the other was not. That's not the point, I have been seeing values beginning to firm or getting stronger.
Here is the problem, appraisers are not seeing this transformation taking place. The problem, they are using comparables that haven’t caught up with the increased values. They are often still indicating declining values and making adjustments downward, instead of just the opposite.
Home prices rise for first time in 8 months
By: The … (5 comments)
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home prices: IF YOU ARE WAITING FOR HOME PRICES TO DROP YOU MAY BE WAITING A WHILE!
- 05/10/12 02:14 AM
“Home Prices, If You are Waiting for Them to Drop, You May Wait a Long Time!”
It doesn’t take an economist to understand that home values are at the lowest level that they have been at for years. It doesn’t take a fortuneteller to tell you that interest rates are at levels that haven’t been seen in decades.
That means that all of us need to encourage anyone and everyone that has ever considered buying a home, that the time is now.
Home values will go up, I guarantee it! Mortgage rates will go up, I guarantee it!
A past client … (5 comments)
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home prices: ARE YOUR PROPERTY TAXES TOO HIGH?
- 03/14/12 03:58 AM
“Are Your Property Taxes Too High?”Income Tax Isn't the Only Important Tax This Time of Year
We may be in the middle of income tax season, but hoping you'll be getting a refund isn't the only thing you should be thinking about this time of year...especially if you're a homeowner. That's because the National Taxpayers Union (a nonprofit citizen group) estimates that between 30 and 60 percent of properties are assessed for too high of a value, resulting in an incorrectly larger property tax bill.
Taking the time to review your property tax bill could save you a nice chunk … (5 comments)
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home prices: AUTHOR DOESN'T UNDERSTAND WHY SOMEONE BUYS A HOME TODAY AND WHY THEY WILL CONTINUE
- 03/13/12 11:17 PM
“Author Doesn’t Understand Why Someone Buys a Home Today and Why They Will Continue”
Articles like the one below, are beyond stupid. Just the type of article that creates fear instead of sharing common sense.
The author doesn’t understand that most people that are buying homes today, especially first time home buyers, are buying homes to live in, not thinking about what the property is going to sell sometime in the future.
They are buying homes, that in most cases end up costing them less than what they are paying for rent. They are buying homes that fulfill their needs better … (1 comments)
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home prices: THIS AUTHOR DOESN'T UNDERSTAND THE REAL ESTATE BUSINESS
- 03/13/12 02:44 AM
“This Author Doesn’t Understand the Real Estate Business”
I have been in the real estate and mortgage business for over 40 years. In this time period I have seen every imaginable real estate market. One factor stands out, the MARKET is very efficient. Every property on the market will get sold. The eventual price will dictate how quickly the properties will get sold.
With all the numbers being thrown around in the article, he is forgetting about the fact that the population of this country is not decreasing. There are new people coming into the house buying market every day … (5 comments)
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home prices: CAN WE SENSATIONALIZE A 1.3% HOME PRICE DROP?
- 02/02/12 01:05 AM
“Can We Sensationalize a 1.3% Home Price Drop?”
It’s a little crazy to use language like “HOME PRICES PLUNGED 1.3%. The sad part about folks that report information are that the future home buyers read it. The moment they read “HOME PRICES PLUNGED”, they pull back from making a buying decision. This article is just a small example of what goes to print, radio or television.
Home Prices Plunged 1.3% in November: Case-Shiller
By: Ryan Schuette
Home prices fell by 1.3 percent in November last year, slashing figures in 19 of 20 metropolitan areas for the second … (1 comments)
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“Mr. Petrowsky,
;)
;)
;)
